A/S Storebælt Annual report 3 Company objective A/S Storebælt’s primary responsibility is to own and operate the fixed link across Storebælt. The tasks are carried out with due regard for maintaining a high level of accessibility and safety on the link. Moreover, repayment of the loans raised to finance the facilities shall take place within a reasonable time frame. Highlights of the year Traffic Road traffic on the Storebælt Bridge totalled 13.3 million vehicles in 2019, which is a new annual record. Traffic growth amounted to 1.8 per cent compared to 2018, but declined throughout the year, and for passenger cars, there was a real decline in traffic from September to the end of the year. Passenger traffic increased by 1.8 per cent and lorry traffic increased by 2.1 per cent. Train traffic across Storebælt totalled 46,525 trains, which is a decline of 6.4 per cent compared to 2018. Financial position The financial result before fair value adjustments and tax is a profit of DKK 2,182 million, which is DKK 65 million higher compared to 2018. The result is affected by a fall in net revenue of approximately DKK 40 million. This comprises additional revenue from the road link of DKK 43 million corresponding to the traffic growth, a reduction in revenue from the rail link of DKK 12 million and the effect from revenue from the sale of wind turbines of DKK 65 million in 2018. By contrast, the financial result is positively affected by lower net interest expenses of approximately DKK 100 million. Expenses and depreciation are on a par with 2018. The fair value adjustments amount to an expense of DKK 262 million against a gain of DKK 91 million in 2018. As a result, the result is reduced by approximately DKK 350 million compared to 2018 corresponding to approximately DKK 270 million after tax. The result after tax is a profit of DKK 1,498 million. It is proposed that a dividend of DKK 1,600 million be paid to the shareholder. Profitability For A/S Storebælt, the repayment period is unchanged compared to the end of 2018 and totals 34 years, which means that the debt will be repaid in 2032. Revenue from the road link across Storebælt totals DKK 2,916 million and increased by 1.5 per cent compared to 2018. In 2019, DKK 0.9 billion was repaid on A/S Storebælt’s interestbearing net debt, which totalled DKK 18.9 billion at the end of 2019. The impact of value adjustments on the financial results Operating profit (EBIT) Total financial items Profit before fair value adjustment and tax Income statement with ref. to the Annual Report 2,346.8 -426.7 Fair value adjustment 261.8 Proforma statement 2,346.8 -164.9 2,181.9 Fair value adjustment -261.8 -261.8 Profit before tax Tax Profit for the year 1,920.1 -422.4 1,497.7 1,920.1 -422.4 1,497.7
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